California-based major mortgage lender, Wells Fargo (NYSE:WFC) updated its interest rate information for Thursday, which shows some improvements for the 30-year refinance loan. According to today’s data, the aforementioned refinance mortgage loan, which comes with fixed interest rate during its term, is coming out at a rate of 4.375%, down compared to Wednesday’s rate level (4.500%). The rest of the refinance loan packages remained firm, according to our observations. For instance, the shorter-term, but also popular 15-year fixed mortgage carries 3.625% in interest. This is the same rate it’s been holding for most of the week. Those who are not eligible for fixed conventional loans or simply prefer FHA loans for refinancing, can also find a couple of options at Wells Fargo. One of them is the 30-year fixed FHA mortgage, which can be obtained at a rate of 4.250%. Turning to flexible refinance loans, the 5/1 ARM is on the books at a rate of 3.250%. The starting rate hasn’t changed on the 5-year ARM FHA loan either, as it’s offered at a rate of 3.250% on Thursday. Below you can find additional details on Wells Fargo’s latest mortgage rates.
Wells Fargo offers excellent mortgage interest rates under both its home purchase and refinance programs, so those potential borrowers who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan packages at this bank.
Wells Fargo Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.500%, 4.516% APR
30-Year Fixed FHA Mortgage: 4.125%, 5.221% APR
15-Year Fixed-Rate Mortgage: 3.625%, 3.707% APR
5-Year Adjustable Rate Mortgage (ARM): 3.375%, 3.031% APR
5-Year ARM FHA: 3.000%, 3.361% APR
The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in New Haven, Connecticut. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.
Wells Fargo Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 4.460% APR
30-Year Fixed FHA Mortgage: 4.250%, 5.837% APR
15-Year Fixed-Rate Mortgage: 3.625%, 3.772% APR
5-Year Adjustable Rate Mortgage (ARM): 3.250%, 3.001% APR
5-Year ARM FHA: 3.250%, 3.968% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
For more information on Wells Fargo’s home purchase and refinance mortgage interest rates, as well as details on loan assumptions and borrowing terms and conditions, please take a look at the lender’s website.